Ownership Structure Related Party Transactions And Firm Valuation
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Ownership Structure Related Party Transactions And Firm Valuation
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Author : Amrinder Khosa
language : en
Publisher: Cambridge University Press
Release Date : 2019-03-21
Ownership Structure Related Party Transactions And Firm Valuation written by Amrinder Khosa and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-21 with Business & Economics categories.
Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
Are Related Party Sales Value Adding Or Value Destroying Evidence From China
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Author : Raymond M. K. Wong
language : en
Publisher:
Release Date : 2014
Are Related Party Sales Value Adding Or Value Destroying Evidence From China written by Raymond M. K. Wong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Prior literature provides mixed and relatively little evidence on the economic consequences of related-party transactions. We examine a hitherto underexplored issue of whether transactions among firms within the same business group increase or reduce firm value. Using a large sample of Chinese listed firms, we find that related-party sales increase firm value. However, this value enhancement disappears for firms with (i) large percentage of parent directors, (ii) high government ownership, or (iii) tax avoidance incentives that often couple with management's rent extraction activities. Although we find that intragroup sales improve firm value in general, we also find that corporate insiders use intragroup sales to deprive value from minority shareholders. Overall, our findings highlight the interplay between ownership structure and tax avoidance incentives in determining the economic consequences of related-party transactions.
The Law And Finance Of Related Party Transactions
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Author : Luca Enriques
language : en
Publisher: Cambridge University Press
Release Date : 2022-06-09
The Law And Finance Of Related Party Transactions written by Luca Enriques and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-09 with Law categories.
A globe-spanning group of leading law and finance scholars bring together cutting-edge research to comprehensively examine the challenges legislators face in regulating related party transactions in a socially beneficial way. Combining theoretical analysis of the foundations of efficient regulation with empirical and comparative studies, readers are invited to draw their own conclusions on which regulatory responses work best under differing circumstances. The careful selection of surveyed jurisdictions offers in-depth insight into a broad variety of regulatory strategies and their interdependence with socioeconomic and political conditions. This work should be read by scholars, policymakers, and graduate students interested in a critical, much-debated area of corporate governance.
Advances In Financial Economics
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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2013-12-18
Advances In Financial Economics written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-18 with Business & Economics categories.
Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Related Party Transactions And Minority Shareholder Rights
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2012-03-29
Related Party Transactions And Minority Shareholder Rights written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-29 with categories.
The publication reviews provisions covering related party transactions and the protection of minority shareholder rights in 31 jurisdictions, both OECD and non-OECD. In addition, the regulatory and legal systems that have beeen developed in five jurisdictions are reviewed in detail.
Disproportional Ownership Structure And Ipo Long Run Performance Of Entrepreneurial Firm In China
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Author : Jerry Cao
language : en
Publisher:
Release Date : 2013
Disproportional Ownership Structure And Ipo Long Run Performance Of Entrepreneurial Firm In China written by Jerry Cao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one share one vote structure outperform those with ownership control wedge by 30% for 3 years post-IPO in either buy-and-hold or cumulative monthly returns. Entrepreneurial firms with excess ownership control wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that entrepreneurial firms need to improve corporate governance such as disproportional ownership structure to better safeguard the interest of long-run shareholders.
How Corporate Governance Affects Firm Value
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Author : Bernard S. Black
language : en
Publisher:
Release Date : 2012
How Corporate Governance Affects Firm Value written by Bernard S. Black and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Prior work in emerging markets provides evidence of an association between corporate governance and firm market value (based on the trading prices of minority shares), more limited evidence of a causal relationship, but very little evidence on the channels through which governance may affect firm behavior and therefore market value, and whether governance affects only the value of minority shares or also affects overall firm value. We first confirm the association between governance and the market value of Korean public companies in a firm fixed effects framework, using panel data 1998-2004. Firms with higher scores on an overall Korean corporate governance index (KCGI) have higher Tobin's q; this result is driven by the board structure subindex of KCGI and, less strongly, by ownership parity and disclosure subindices. Shareholder rights and board procedure subindices are not significant. We then provide evidence supporting two broad channels: Reduced insider self-dealing, and hence wealth transfer from controllers to outside shareholders; and improved firm performance, and hence higher overall firm value. For self-dealing, we find that for better-governed firms, related party transactions are less adverse to firm value and firm profitability is more sensitive to shocks to industry profitability. For overall firm value; we find that for better-governed firms (i) capital expenditures and sales growth are lower, but investment is more sensitive to profitability; (ii) profitability is more sensitive to growth opportunities; (iii) dividends are higher, controlling for profits, and are more sensitive to profits. In addition, lagged board structure is associated with higher firm profitability. Board structure subindex is associated with all results except those for dividends. A 2SLS analysis (using 1999 legal rules which apply only to large firms to instrument for board structure) offers evidence that the link between board structure and these channels is likely to be causal.
The Benefits And Costs Of Group Affiliation
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Author : Stijn Claessens
language : en
Publisher:
Release Date : 2002
The Benefits And Costs Of Group Affiliation written by Stijn Claessens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Capital market categories.
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-96. We find that mature and slow-growing firms with ownership structures more likely to create agency problems gain more from group affiliation, while young and high-growth firms more likely lose. Agency problems are important explanatory factors of firm value in economies outside Japan, but less so in Japan. Consistent with the literature, financially-constrained firms benefit from group affiliation. Our results are robust to different time periods and estimation techniques.
International Corporate Governance
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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-03-31
International Corporate Governance written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-31 with Business & Economics categories.
Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Research Anthology On Strategies For Maintaining Successful Family Firms
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Author : Management Association, Information Resources
language : en
Publisher: IGI Global
Release Date : 2021-08-27
Research Anthology On Strategies For Maintaining Successful Family Firms written by Management Association, Information Resources and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-27 with Business & Economics categories.
Family-owned businesses account for many of the small and medium-sized enterprises that exist around the world in various industries. Due to their unique make up, these firms are often heavily influenced by family dynamics that must be reconciled by family and non-family workers alike in order to ensure the sustainability of the business. As smaller businesses competing against an increasingly globalized economy and more directly impacted by economic instability, especially in the wake of the COVID-19 pandemic, these businesses must continue to improve their practices and processes in order to not only survive but thrive. The Research Anthology on Strategies for Maintaining Successful Family Firms discusses the strategies, sustainability, and human aspects of family firms in order to understand what sets them apart from other businesses and how they can survive and compete in a globalized economy. This book discusses the unique dynamic brought by family firms that offers both opportunities and challenges for a growing business. Covering topics such as corporate venturing, the family unit, and business ethics, this text is an essential resource for family firms, entrepreneurs, managers, business students, business professors, researchers, and academicians.